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Turkmenistan Economy 1996

Overview:

Turkmenistan is largely desert country with nomadic cattle raising, intensive agriculture in irrigated oases, and huge gas and oil resources. Half its irrigated land is planted in cotton making it the world's tenth largest producer. It also has the world's fifth largest reserves of natural gas and significant oil resources. Until the end of 1993, Turkmenistan had experienced less economic disruption than other former Soviet states because its economy received a boost from higher prices for oil and gas and a sharp increase in hard currency earnings. In 1994, Russia's refusal to export Turkmen gas to hard currency markets and mounting debts of its major customers in the former USSR for gas deliveries contributed to a sharp fall in industrial production and caused the budget to shift from a surplus to a slight deficit. Furthermore, with an authoritarian ex-Communist regime in power and a tribally-based social structure, Turkmenistan has taken a cautious approach to economic reform, hoping to use gas and cotton sales to sustain its inefficient economy. With the onset of economic hard times, even cautious moves toward economic restructuring and privatization have slowed down. For 1995, Turkmenistan will face continuing constraints on its earnings because of its customers' inability to pay for their gas and a low average cotton crop in 1994. Turkmenistan is working hard to open new gas export channels through Iran and Turkey, but these may take many years to realize.

National product:

GDP - purchasing power parity - $13.1 billion (1994 estimate as extrapolated from World Bank estimate for 1992)

National product real growth rate:

-24% (1994 est.)

National product per capita:

$3,280 (1994 est.)

Inflation rate (consumer prices):

25% per month (1994)

Unemployment rate:

Budget:

revenues:

$NA

expenditures:

$NA, including capital expenditures of $NA

Exports:

$382 million to states outside the FSU (1994)

commodities:

natural gas, cotton, petroleum products, electricity, textiles, carpets

partners:

Ukraine, Russia, Kazakhstan, Uzbekistan, Georgia, Azerbaijan, Armenia, Eastern Europe, Turkey, Argentina

Imports:

$304 million from states outside the FSU (1994)

commodities:

machinery and parts, grain and food, plastics and rubber, consumer durables, textiles

partners:

Russia, Azerbaijan, Uzbekistan, Kazakhstan, Turkey

External debt:

NEGL

Industrial production:

growth rate -25% (1994)

Electricity:

capacity:

2,480,000 kW

production:

10.5 billion kWh

consumption per capita:

2,600 kWh (1994)

Industries:

natural gas, oil, petroleum products, textiles, food processing

Agriculture:

cotton, grain, animal husbandry

Illicit drugs:

illicit cultivator of cannabis and opium poppy; mostly for CIS consumption; limited government eradication program; used as transshipment point for illicit drugs from Southwest Asia to Western Europe

Economic aid:

recipient:

Turkmenistan has received about $200 million in bilateral aid credits

Currency:

Turkmenistan introduced its national currency, the manat, on 1 November 1993

Exchange rates:

manats per US$1 - multiple rate system: 10 (official) and 230 (permitted in transactions between the government and individuals)

Fiscal year:

calendar year

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